7 ways to prevent construction insurance losses

Construction Dive

Here are the major insurance issues to consider to avoid financial setbacks, as well as damage to professional and personal relationships

Integrated Project Insurance v Integrated Project Delivery

Collaborative Construction

How does integrated project insurance differ from integrated project delivery? How does Integrated Project Insurance differ from Integrated Project Delivery? The same is true of insurance products available to integrated teams.

Insurance firm and two senior figures handed record data breach fines

Green Industry Professionals

Fines totalling more than £150,000 handed down over use of private detectives to illegally obtain private banking records An insurance firm and two senior figures connected with the company have been given record fines for using private detectives to illegally obtain the private banking records of a businessman they were investigating. Data protection Data and computer security Technology Insurance industry Information commissioner Business UK news

Report: Construction workers least likely to have health insurance

Construction Dive

Many of the uninsured are independent contractors who are not entitled to benefits including health coverage

2017 Insurance Update

Construction Business Owner

Yet, even as equipment has become safer, highway fatalities are increasing at an alarming rate, and insurance companies have targeted distracted driving from cell phone use as a contributing factor

Insurance App Tracks Driver Behavior

Construction Equipment

Arity, a spin off from Allstate Insurance, currently watches more than a million drivers for Allstate and online Esurance. Telematics data is collected from drivers who have agreed to let Arity monitor their driving habits in exchange for better rates.

How to Reform Flood Insurance

ENR Construction

When FEMA’s National Flood Insurance Program (NFIP) expires next month, the pressure will be on Congress to reauthorize the program, ideally by adopting long-delayed reforms

Additional Insured Status: Playing the Speak-Out Game on a Construction Project

Best Practices Construction Law

Reading and understanding an insurance policy on a construction project can be a lot like understanding my kids playing Speak Out. Proper insurance coverage is an important risk management tool for contractors, subcontractors, project owners/developers and design professionals. Nautilus Insurance Co. , The subcontract also required the subcontractor to include the contractor as an “Additional Insured” on its policy.

2016 Insurance Market Forecast

Construction Business Owner

Like many businesses, the insurance industry is cyclical in nature. The insurance cycle is important to business owners because it directly impacts insurance premiums.

Insurer Facing BIM - Where Are the BIM & IPD Friendly Insurance Products?

Collaborative Construction

If BIM is the New Standard of Care what the HE double sticks are the insurance companies doing? Insurance companies and their lawyers are inherently risk averse and want nothing to do with anything new. If the built industry wants new and better insurance products YOU need to speak up!

Insuring Unmanned Aircraft Exposures

Construction Business Owner

Drones are well suited for applications in construction, agriculture, energy, wireless communications, insurance, search and rescue, law enforcement, firefighting, real estate, photography and film

Louisiana Contractors – Workers Compensation Insurance

Construction Law Monitor

Back in 2009 this blog reported on the very topic of Workers Compensation insurance, stating that 1 and 5 businesses are breaking workers compensation laws. The main reason being is due to the exorbitant price of this insurance on contractors.

Integrated Insurance Products Needed

Collaborative Construction

Many of those challenges, even the insurance conundrums raised in this post, can be addressed through integrated agreement. Here, I want to highlight the need for a new generation of integrated insurance products designed to protect integrated team members. A new insurance product is needed. Currently integrated team members are insured under separate policies, and there are no insurance products available on the US market that fit the needs of an integrated team.

Get Additional Insured Language Right

Construction Business Owner

General contractors, subcontractors and business owners risk substantial financial loss if they enter into contracts that are not supported by their insurance program.

Construction Insurance Rates Predicted To Increase

Construction Law Monitor

According to a recent Press Release from Marsh , a leader in insurance broking and risk management, construction firms across the U.S. Insurance rates have been declining for close to a decade, but rates are forecasted to increase between 8 and 10 percent.

Eye on Winter Auto Insurance

Green Industry Professionals

Tips to save money and pick the right insurance for your winter snow removal business

Ensuring Adequate Insurance Coverage for Your Snow Division

Green Industry Professionals

5 insurance policies that are essential to snow removal contractors

Maybe you are insurable

Constructor Magazine

Never can a stroke, cancer or a heart attack be anything but bad news. But hallelujah! Survive for five years and your life expectancy statistically is probably (wish “probably” was not necessary) the same as the general population of Americans

David v. Goliath – The Difficult Task of Fighting Your Insurance Company

Construction Law Monitor

I was recently speaking with a client about the posture of a pending case and the client was surprised to know that nearly all of the insurance companies that were originally brought into the suit had whittled their way out due to policy limitations, lack of coverage and policy exclusions.

Cyber Insurance

Construction Business Owner

Cyber insurance aims to help mitigate losses from a wide variety of cyber and electronic intrusions, such as data breaches, business interruption and network damage caused by virus or malware.

Pollution Legal Liability Insurance More Valuable as a Result of High Court Ruling

Green Building Law Update

Insurance has become a mechanism for managing the risk of unanticipated costs incurred to clean up a property that an owner may have acquired not knowing it was contaminated or that may later become contaminated from migration of toxics onto the property.

The Top 6 Insurance Trends in 2016

Construction Business Owner

The construction insurance market is responding positively to these efforts, rewarding owners and builders that are operating their businesses efficiently and managing their risks properly with lower insurance premiums, broader coverage and higher limits

Tropical Storm Lee – Prepare for Insurance Claims

Construction Law Monitor

Contractors who have equipment, property and unfinished work need to report any flood, wind or wind driven rain damage to your general liability insurer in a timely fashion so that you may collect reimbursement for damages sustained from this storm. Your insurer will assign a claims specialist to assess the damage and this person is who you will work with to obtain reimbursement. Remember to consult with an attorney or your insurance agent when reviewing the terms of your policy.

Why Commercial Facility Maintenance Is Your Best Insurance Policy

Commercial Construction

The big take away from all of these services is that the right commercial facility maintenance can serve as the best insurance policy and save you thousands in facility maintenance costs. Being a national commercial construction general contractor can be an immensely rewarding profession.

BIM Forum Insurance Presentation

Collaborative Construction

Louis made a presentation titled "BIM Claims and Insurance Coverage: A Survey of Recent Developments" at the BIM Forum in Arizona. Welcome to the Collaborative Revolution! Gregg Bundschuh's with Ames & Gough out of St. Approximately 30 claims have arisen from BIM utilization to date according to the Ames Grough presentation. The claims fall into 6 categories and most related to delay and cost overruns. For more information visit the BIM Forum Blog and read the complete post.

Additionally Insured? Not for Everything, Contractor Learns

ENR Construction

Another case over one of the most tricky and confusing subjects in construction liability

Construction Insurance Market a Mixed Bag in 2013

Construction Informer

Fewer insurance carriers are willing to extend endorsements to additional insureds on construction contracts, according to Marsh’s Annual US Insurance Market Report. ” Very often, insurers are negotiating [.]

Construction Insurance Market a Mixed Bag in 2013

Construction Informer

Fewer insurance carriers are willing to extend endorsements to additional insureds on construction contracts, according to Marsh’s Annual US Insurance Market Report. Finance General News Industry Managing construction insurance forecasts

FEMA Recommends I-Codes For National Flood Insurance Program

Buisness Facilities Contributed Content

A Federal Emergency Management Agency (FEMA) National Flood Insurance Program (NFIP) flood plain management report says current model building codes, such as the International Codes (I-Codes), have flood provisions that are consistent with NFIP requirements for buildings and structures.

Arena Contractors Say Insurance Program Cost Savings Never Materialized

ENR Construction

Did the wrap-up insurance program add to costs instead of saving money

Why an Insurer Denied a Claim For a Storm-Battered Crane

ENR Construction

Why did a developer and construction manager seek to collect builders-risk insurance for a storm-battered tower crane

Risk 53

Additional Insured Clauses Need Care

ENR Construction

A commonly used risk transfer mechanism has many complications

Contractors Get Good Insurance & Use It!

Construction Law Monitor

More and more in my everyday practice I encounter issues with contractor general liability insurance (GL). Next, the most important and most often overlooked aspect is notifying the insurer when trouble starts. Business Matters Damages Insurance

Coming Soon: More Drone Insurance Options

ENR Construction

Contractors and engineers that are using drones soon may be able to buy standardized insurance coverage from a greater number of insurers. Business Management

Blind Acceptance of Evidence of Insurance is Asking for Trouble

Nuts and Bolts

Last year, I wrote an article published in Engineering News Record entitled “Understanding Insurance: A ‘Must” for Every Construction Professional.” American States Insurance , approved for publication last week by Division I of the Washington Supreme Court.

Insurance Insights for Landscape and Lawn Care Contractors

Green Industry Professionals

How your services, clients and other factors affect your landscaping or lawn care business insurance needs

How business owners can avoid the life insurance tax trap

Constructor Magazine

The easiest way for a successful business owner to create tax-free wealth is by the proper use of life insurance. read more. Blackman Taxes